In subsection (1) of section 432B, the words “or treated as brought into account by virtue of F2paragraph 1C of Schedule 8A to the Finance Act 1989” shall be treated as inserted after F3the words ’brought into account, within the meaning of that section,’ .

The following words shall be treated as inserted at the end of subsection (2) of that section “ ; but this subsection shall not apply for a period of account in relation to which F4any provision of paragraph 1C of Schedule 8A to the Finance Act 1989 applies. ”

Subsection (3) of section 432B shall have effect as if after the words “with which an account is concerned” there were inserted the words “or in respect of which items are treated as brought into account by virtue of paragraph 1C of Schedule 8A to the Finance Act 1989”; and that subsection and sections 432C to 432E shall have effect as if the reference to relevant business were to relevant business of the branch or agency in the United Kingdom through which the company carries on life assurance business.

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